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Riding on higher freight demand

■ 1QFY6/22 net profit of RM10.5m (+69.8% yoy) was above expectations (32% of our FY22F) on stronger-than-expected freight volumes and lower tax rate.
■ We are positive on FMH’s acquisition of three US-based freight forwarding companies, which will grow its US operations and expand its customer base.
■ Maintain Add, with a higher TP of RM1.36 (18x CY23F P/E).

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